Generation Investment Management, an investment management firm, released its “Global Equity Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. Despite the significant social harm caused by inflation, household incomes continued to rise and unemployment rates stayed low. Though recession may still occur, with interest rates declining, the market should be able to anticipate better times to come. The firm believes that it is well-positioned for future growth. As of September 30, 2024, the Global Equity strategy had USD 28.1 billion in total assets under management. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Generation Investment Management highlighted stocks like CBRE Group, Inc. (NYSE:CBRE), in the third quarter 2024 investor letter. CBRE Group, Inc. (NYSE:CBRE) is a commercial real estate services and investment company. The one-month return of CBRE Group, Inc. (NYSE:CBRE) was -6.06%, and its shares gained 42.45% of their value over the last 52 weeks. On December 24, 2024, CBRE Group, Inc. (NYSE:CBRE) stock closed at $131.92 per share with a market capitalization of $40.37 billion.
Generation Investment Management stated the following regarding CBRE Group, Inc. (NYSE:CBRE) in its Q3 2024 investor letter:
“CBRE Group, Inc. (NYSE:CBRE) and JLL, the two largest commercial real[1]estate (CRE) services companies in the world by market share, are at the forefront of this. Both provide a wide range of services including leasing, capital markets, loan servicing, asset management, project management, facilities management and strategic outsourcing. CBRE is also one of the largest CRE developers in the United States. Together, they operate in over 100 countries, are major players in most types of CRE from offices to data centres, and work with clients across every major industry.
We have been covering JLL for more than a decade. Our diligence highlighted several sustainable long-term industry tailwinds. These included increasing institutional ownership driving industry professionalisation and transaction velocity, growing occupier demand for outsourcing and more sophisticated services that only the largest players could provide, and finally, globalisation and industry consolidation. Uniquely, JLL had also shown early leadership in sustainability…” (Click here to read the full text)
A downtown skyline, highlighting a successful real estate services company.
CBRE Group, Inc. (NYSE:CBRE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 49 hedge fund portfolios held CBRE Group, Inc. (NYSE:CBRE) at the end of the third quarter which was 54 in the previous quarter. While we acknowledge the potential of CBRE Group, Inc. (NYSE:CBRE) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed CBRE Group, Inc. (NYSE:CBRE) and shared Invesco Growth and Income Fund’s views on the company. CBRE Group, Inc. (NYSE:CBRE) contributed to Parnassus Value Equity Fund’s performance in Q3 2024, as the company benefitted from the expectation that lower interest rates would likely boost real estate transactions. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.